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1st Circ. Backs Creditors Cut Offs In Involuntary Bankruptcies
The First Circuit recently upheld the dismissal of an involuntary bankruptcy, backing a Boston judge who set a deadline for creditors to join the petition, in a ruling that speaks to the pitfalls that can come with the powerful but seldom used creditor tool, experts told Law360.
What's Happening In Bankruptcy Court This Coming Week
Bankruptcy judges are scheduled for a potentially four-day confirmation hearing on the Chapter 11 plan of the U.S. arm of vodka maker Stoli, while also considering final approval of a $912.5 million financing package for canned foods giant Del Monte, a proposed $17.5 million sale of some of the brands of tile and stone seller Mosaic Cos., and perhaps a dismissal or conversion hearing in the Chapter 11 case of MOM CA Investco LLC, a company that developed a resort and other properties in California.
Under The Radar: Bankruptcy News You May Have Missed
A bitcoin miner said its early investors cannot file claims in its Chapter 11 that allege the company was mismanaged, arguing those claims belong to the debtor's estate. A Brazilian fiber network company objected to the novel plans of telecommunications group Oi to end its Chapter 15 recognition of ongoing overseas restructuring to file for Chapter 11 instead. And a group of tort claimants said Genesis Healthcare's debtor-in-possession loan and auction plans would hamper their ability to pursue wrongful death and personal injury litigation.
1st Circ. Backs Creditors Cut Offs In Involuntary Bankruptcies
The First Circuit recently upheld the dismissal of an involuntary bankruptcy, backing a Boston judge who set a deadline for creditors to join the petition, in a ruling that speaks to the pitfalls that can come with the powerful but seldom used creditor tool, experts told Law360.
What's Happening In Bankruptcy Court This Coming Week
Bankruptcy judges are scheduled for a potentially four-day confirmation hearing on the Chapter 11 plan of the U.S. arm of vodka maker Stoli, while also considering final approval of a $912.5 million financing package for canned foods giant Del Monte, a proposed $17.5 million sale of some of the brands of tile and stone seller Mosaic Cos., and perhaps a dismissal or conversion hearing in the Chapter 11 case of MOM CA Investco LLC, a company that developed a resort and other properties in California.
Under The Radar: Bankruptcy News You May Have Missed
A bitcoin miner said its early investors cannot file claims in its Chapter 11 that allege the company was mismanaged, arguing those claims belong to the debtor's estate. A Brazilian fiber network company objected to the novel plans of telecommunications group Oi to end its Chapter 15 recognition of ongoing overseas restructuring to file for Chapter 11 instead. And a group of tort claimants said Genesis Healthcare's debtor-in-possession loan and auction plans would hamper their ability to pursue wrongful death and personal injury litigation.
Expert Analysis
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As underscored by the fallout from California’s February bar exam, legal education and licensure are tethered to o... (more story)
In recent cases addressing redactions that parties sought to apply based on the relevance of information — as oppo... (more story)
Large Cap More
The official committee of unsecured creditors in the Chapter 11 case of household furnishings retailer At Home Group objected to the company's proposed plan disclosure statement, saying it describes an unconfi... (more story)
Pharmacy chain Rite Aid has told a New Jersey bankruptcy judge it's selected Med One Pharmacy Inc. as the buyer of drugs in its inventory, customer information, leases and other assets, months after the compan... (more story)
A Louisiana bankruptcy judge on Friday gave the Roman Catholic Archdiocese of New Orleans permission to send its Chapter 11 plan out for a creditor vote and to hold a November confirmation hearing, but warned ... (more story)
The Consumer Financial Protection Bureau is considering formally scaling back the reach of its nonbank oversight, floating a series of early stage proposals that contemplate sharply reducing the number of firm... (more story)
Lithium-sulfur battery maker Lyten announced Thursday that it will buy bankrupt Swedish battery manufacturer Northvolt AB's factories in two countries and all its remaining intellectual property in a move that... (more story)
Two-year-old boutique Perry Law is continuing its hiring spree with the addition of a commercial litigation partner from Kasowitz LLP, the firm told Law360 Pulse on Thursday.
A Delaware bankruptcy judge on Thursday approved jewelry chain Claire's bid to begin closing some of its 1,500 North American stores and selling off merchandise as the company races to find a buyer for the bus... (more story)
Bankrupt healthcare company Prospect Medical Holdings Inc. told a Texas bankruptcy judge it had selected a subsidiary of Healthcare Systems of America to provide a bidding floor for debtor assets in California.
A New Jersey federal judge has rejected Johnson & Johnson's challenge to cancer patients' bid to add additional corporate defendants to multidistrict federal litigation over its talcum powder products, finding... (more story)
Moritt Hock & Hamroff LLP, a midsize firm with offices in New York and Florida, announced Tuesday that it has added two counsel to its Long Island office in Garden City — the former town attorney for the seasi... (more story)
Mid Cap More
The Consumer Financial Protection Bureau is getting ready to file a complaint against bankrupt Synapse Financial Technologies on allegations it failed to properly keep track of consumer funds and left as much ... (more story)
A medical device distributor can't use an allowed claim from a former employee's Chapter 7 bankruptcy to win summary judgment in a long-running lawsuit, the Second Circuit ruled Friday.
Funk legend George Clinton has asked a Florida federal court to reject sanctions and lawsuit dismissal bids from music executive Armen Boladian, arguing that his copyright ownership complaint is not frivolous.
A Florida bankruptcy judge Friday approved an $11.75 million settlement of a long-standing adversary lawsuit over the sale of artifacts from the Titanic during the bankruptcy of a company that ran popular trav... (more story)
A Texas bankruptcy judge is allowing some incarcerated individuals to continue suing a company that was spun off from prison healthcare provider Tehum Care Services prior to its Chapter 11 filing, after findin... (more story)
Flagship Resort Development Corp., a seller of timeshares around the Atlantic City Boardwalk, secured a New Jersey bankruptcy judge's blessing Friday to sell its assets and take votes on a Chapter 11 liquidati... (more story)
The official committee of unsecured creditors in the Chapter 11 case of consumer lending company Eventide Credit Acquisitions has asked a Texas judge for the appointment of a trustee to oversee the proceedings... (more story)
A Delaware bankruptcy judge Thursday confirmed the Chapter 11 liquidation plan from the company that once owned conservative social media platform Parler after the debtor resolved an objection from its ousted CEO.
Two executives from bankrupt California data company Near Intelligence Inc. fraudulently inflated the company's revenues by $25 million in a conspiracy that involved a third executive from advertising company ... (more story)
The practice of celebrity plastic surgeon Michael E. Jones filed Thursday for Chapter 11 bankruptcy relief in New York, listing less than $50,000 in assets and between $1 million and $10 million in liabilities.